Silver for May SIK6, +4.10% delivery advanced 2.6%, or 43 cents, to $16.68 an ounce, trading at levels last reached in early June. June gold GCM6, +1.41% tacked on 0.7%, or $8.70, to $1,243.70 an ounce.
Hedge funds boosted their bets on silver last week, pushing the overall market into a record net long position, according to a Mining.com report citing CFTC data. That came as silver gained 6% last week.
Analysts also attributed silver’s jump in part to strong buying in China and a weakening dollar.